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If you’ve never taken out a payday loan or are a bit curious about the process, you probably have a few questions, but we have answers that can help you make the right decision.
What is a Payday Loan?
A payday loan is a short-term loan that allows you to get the funds that you need until you get paid. Usually it is repaid in one instalment, usually within a month. Short term loans are very similar to payday loans, they are designed to be used in the short term but can be repaid over the course of a few months, and up to a year.
If you are short on cash, and have an immediate emergency you need to deal with, we may be able to help*.
How much can I borrow?
You could borrow between £100 and £2,000; the amount a lender offers you will depend on the lenders assessment of your application and circumstances.
Why Apply Through Monevo?
Monevo are dedicated to helping people who need a bit of cash right now, and pride themselves in using the most ethical practices out there.
What Can You Use a Payday Loan For?
A payday loan can be used for many different reasons, mainly they are used to bridge a temporary gap in funds, to be able to deal with an emergency. You can take care of bills that might be behind, take care of repairs to your vehicle or home, or a broken boiler for example.
What are the Advantages of Taking Out a Loan?
These loans can be beneficial for many reasons. First of all, they can help you get out of a tight spot or can give you access to funds when you need them the most. Plus, they can help you get back on track and can prevent issues like eviction, late fees, foreclosures and other costly problems. However taking out a payday loan should not be done without careful consideration, it is important to ensure that you can afford to make your repayments on the agreed date as failure to repay your loan on time could result in incurring costs. It is also important to understand that payday loans are not recommended for long term borrowing. If you are already in financial difficulties, it is recommended that you seek financial advice from a free service such as the Monday Advice service.
What is an RAPR?
RAPR stands for Representative Annual Percentage Rate and it is the rate that Monevo expect at least 51% of their customers to be charged on their loan. This means that it is representative of what the majority of consumers will pay as a percentage rate on their loan.
How Long Does it Take to Receive Funds?
Normally you will receive the funds that you require on the same day as approval, however this may vary from lender and is also subject to your bank provider offering faster payment service.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: £500 borrowed for 5 months. Total amount repayable is £901.81 in 5 monthly instalments of £180.36. Interest charged is £401.81. Interest rate 192.9% p.a. (variable). Representative 765.4% APR
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